CML-MTD to launch housing projects
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A CML-MTD official with the BOI Chairman. |
CML-MTD Construction Ltd has set up a BOI venture to launch housing
projects under the Urban Regeneration Plan of the Urban Development
Authority. The BOI company has been successful in sourcing foreign
funding for its projects. The initial scope of the project comprises the
construction of 5,000 housing units under the Urban Development
Authority's Urban Regeneration Plan, for the relocation of the
underserved settlements in Colombo. The plan aims at transforming the
lives of 400,000 people by providing them with housing units with modern
amenities.
The company has sourced funding from the EXIM Bank of Malaysia and
has initiated Phase I of the project to construct 1,650 housing units
with a contract value of Rs. 5.7 billion (US $ 43.3 million).
The use of the latest technology such as Integrated Building Systems
(IBS) will enable faster construction, save costs and improve
efficiency. In essence, there will be a full transfer of technology
using local resources and personnel.
CML-MTD Construction Limited, Deputy Chairman, Jehan Amaratunga and
Managing Director and CEO Dian Jayasuriya, who are also Directors of the
BOI Company, said that they will capitalise on the larger MTD Walkers
PLC group synergies to harness the Group's expertise in delivering the
services of a fully integrated infrastructure and engineering solutions
provider.
While CML-MTD Construction will undertake 100 percent of the design
and build works, the overall group synergies will ensure that Walkers
Piling (Pvt.) Ltd and Walkers Sons and Company Engineers (Pvt.) Ltd, two
subsidiary companies under MTD Walkers PLC, will also play a vital role
in the project. |
